I shared this post recently with for the March edition of URMIA Insights - (University Risk Management and Insurance Association). The message, however, is important for other leaders in higher education and particularly for those in student housing and student financial services.
Topics: college renters insurance, Student Benefits, Renting, dorm living, apartment living, Dorm Life, renters insurance, student success, college theft, college fire safety, college life, Student Risk Management, College Life Protected, student risk, Best Practices by Colleges, Higher Education Policy, Renters Liability, insurance, Risk Management, Higher Education, Campus Fire, Student housing, ACUHOI, URMIA
The College Board indicates that more than 1,237 institutions now guarantee student housing for all freshmen with many institutions requiring students to live on campus. This requirement has many benefits but it has also created new forms of risk for students and their families.
We are often asked by friends and family preparing to send their kids to college about student renters insurance. This is not surprising since many news stories and insurance agents offer differing views at this time of year. Some professionals have gone on record against the need for student renters insurance stating that homeowners policies extend protection to students when they are away at college. Others advise families to purchase specific coverage or "floaters" on select personal items (laptops, smart phones, etc.) and continue to rely on the home policy for broader coverage. Our approach is not to refute this guidance but to help make families aware of the practical value of a student renters policy and why homeowners insurance is not always the best solution.
Requiring students to live on campus has many benefits, but it also creates an often unforeseen risk for students and their families. In fact, published research supports this requirement and data from the College Board indicates that more than 1,237 institutions now guarantee student housing for all freshmen.